Learning from last Week: (click here for the previous post)
Patterns:
After the 'Evening Star' pattern triggers on the long term screen #MonthChart1, Index faces resistances at the Week and Day forks.#WeekChart1, #Daychart1.
Support & Resistance:
Resistance was again at the middle Tyne of the Week Fork #WeekChart1. Support near the 5 EMA on the Month chart #Monthchart1.
Moving Averages:
The critical EMA 5, is bullishly above the MA 13, only on the Month Chart #Monthchart1.
Indicators:
The RSI is near the oversold #WeekChart2.
Wrap:
After the Evening Star triggers on the Month Chart #MonthChart. Bears move index down and get a red weekly candle #WeekChart1.
Looking forward into this Week:
Patterns:
'Evening Star' Pattern (Study Links here, here or elsewhere) is active on the Long term charts #MonthChart1.
Support & Resistance:
5 EMA on the Month chart is support #MonthChart1. Middle Tyne of the Fork on the Week chart is resistance #WeekChart1.
Moving Averages:
5 EMA on the Month chart i,e, 2141, is the support Bulls want to defend #MonthChart1.
Indicators:
TSI returns from resistance at the 74% Fibonacci mark #MonthChart2.
Wrap:
Bulls after allowing an Evening Star #MonthChart1, need a comeback, staying above 2141.
Bears want to keep below the middle Tyne of the Week Fork #WeekChart1 and aim for life below 2141.
